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marketing
managing profitable customer relationships and attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. TERM 2
needs
DEFINITION 2 are states of felt deprivation TERM 3
wants
DEFINITION 3 are the form of humans needs take as they are shaped by culture and personality TERM 4
demands
DEFINITION 4 wants are shaped by ones society and are described in terms of objects that will satisfy those needs especially when backed by buying power TERM 5
market offerings
DEFINITION 5 combination of products, services, information, or experiences offered to a market to satisfy a need or a want
marketing myopia
when sellers make the mistake of paying more attention to the specific products they offer than to the benefits and esperiences produced by these products TERM 7
exchange
DEFINITION 7 act of obtaining a desired object from someone by offering something in return TERM 8
market
DEFINITION 8 is the set of actual and potential buyers of a product or service TERM 9
marketing management
DEFINITION 9 art of science of choosing target markets and building profitable relatationships with them TERM 10
strategic planning
DEFINITION 10 involves developing a strategy for long term survival and growth
what are the main components in a marketing
plan
the executive summarythe current marketing situationthreats and opportunitiesobjectivesmarketing strategiesaction programsbudget and controls TERM 17
to be successful companies must
DEFINITION 17 be effective at implementingor turning there strategies into action TERM 18
marketing departments consist of
DEFINITION 18 functional marketing organizationgeographic organizationproduct management organizationmarket management organization TERM 19
consumer market
DEFINITION 19 consists of all the individuals and house holds who buy and acquire goods and services for personal consumption TERM 20
4 major factors that influence consumer buyer
behavior
DEFINITION 20 influenced by 4 key sets of buyer characteristicsculturalsocialpersonalpsychological
complex buying behavior
consumers that become highly involved in a purchase and perceive significant differences among brands TERM 22
dissonance
DEFINITION 22 reducing behavior occurs when consumers are higly involved but see little difference among brands TERM 23
habitual buying behavior
DEFINITION 23 occurs under conditions of low involvement and little significance brand difference TERM 24
variety seeking buying behavior
DEFINITION 24 low involvement but significant perceived brand differences TERM 25
product adoption process has 5 stages
DEFINITION 25 awarenessinterestevaluationtrialadoption
institutional market
consists of schools hospitalsprisonsand other institutions that provide goods and services to people in their carecharacterized by low budgets and captive patrons TERM 32
government market
DEFINITION 32 consists of government units federal state and local that purchase or rent good and services for carrying out the main functions of government TERM 33
market segmentation
DEFINITION 33 is the act of dividing a market into distinct segments of buyers with different needs characteristics of behaviors who might need separate product or marketing mixes TERM 34
market targeting
DEFINITION 34 evaluates each market segments attractiveness TERM 35
differentiation involves
DEFINITION 35 actually differentiating the market offering to create superior customer value.
positioning
consists of positioning the market offering in the minds of target customers TERM 37
geographic
DEFINITION 37 the market is divided into different geographical units such as nations regions states counties cites or even neighborhoods TERM 38
demographic
DEFINITION 38 the market is divided into groups based on demographic variables including raceage generationgender nationalityfamily sizefamily life cycleincomeoccupationeduationreligionracegenerationand nation TERM 39
psychographic
DEFINITION 39 the market is divided into different groups based on social classlifestylepersonality characteristics TERM 40
behavioral
DEFINITION 40 the market is divided into groups based on consumer knowledgeattitudesusesor responses to a product
